Ben & Jerry's Enhances Governance of Board to Ensure Longevity of Social Mission

The governance changes, which align to principles and policies across Ben & Jerry's parent company, The Magnum Ice Cream Company ("TMICC") (AEX: MICC), the merger agreement, and standard corporate governance codes, include:

• Establishing a 9-year term limit in line with the TMICC Group governance model and best practices,  
• Reaffirming the requirement to comply with the TMICC's Code of Business Integrity, and
• Setting a Board meeting cadence, fully aligned with the Merger Agreement, with protocols on engagement that advance the three-part mission and abide by our requirements of respect, dignity, and fair treatment. 

Ben & Jerry's remains fully committed to its unique three-part mission -- product, economic and social -- and it continues to advocate for a range of progressive and non-partisan causes and be a bold voice for social justice.

"The Ben & Jerry's Merger Agreement and the role of the Board is unique in the business world, and it's crucial to the long-term future of the Ben & Jerry's three-part mission," said Jochanan Senf, Chief Executive Officer of Ben & Jerry's. "That's why today, we are strengthening governance, increasing transparency, and committing ourselves to greater accountability. These improvements matter because they will support us in our journey to become even more impactful and to drive progressive change for years to come."

Senf continued: "The announcement today is a recommitment to what has always made Ben & Jerry's special as we take important steps to strengthen the governance around the Board and reset our focus for the future."

As a result of the governance changes, any director who, to date, has served more than nine years on the Ben & Jerry's Board is not eligible for annual re-election to the Board in 2026. Two directors were notified today that they will no longer be eligible to serve on the board going forward. In total, three directors have been notified of their ineligibility to serve on the Board.

All current Board members have been asked to reaffirm their commitment to complying with the Code of Business Integrity, consistent with the Merger Agreement.

Update on the Ben & Jerry's Foundation

A recent audit of the Ben & Jerry's Foundation - a separate independent charitable organization funded by Unilever & Ben & Jerry's prior to the demerger - was conducted as a matter of good governance and in preparation for the recent separation of TMICC from Unilever. This audit, conducted by a reputable independent auditor approved by the Foundation Trustees, identified a series of material deficiencies in financial controls, governance and other compliance policies, including conflicts of interest.

The findings were shared with the Foundation Trustees over three months ago with an invitation to work with the Ben & Jerry's management team on implementing a strengthened governance framework rooted in transparency, accountability, and long-term resilience. The improvements proposed as a result of the audit include a Code of Ethics, a Conflicts of Interest policy, due diligence and financial controls, and Trustee term limits. These are all standard policies and practices at charitable foundations.

Since 2000, Unilever has provided over USD$70m which has been disbursed by the Ben & Jerry's Foundation to grassroots causes. The Foundation was fully funded in 2025.

Although Ben & Jerry's and TMICC remain ready and willing to fund the Foundation if these governance changes are made, as of December 12, the Foundation Trustees have declined to do so. Ben & Jerry's and TMICC are prepared to evaluate alternative plans to be sure that the company can continue to have a positive impact by supporting grassroots charitable organizations worldwide.

About Ben & Jerry's
Ben & Jerry's believes in a greater calling than simply making and selling the world's best ice cream. The company produces a wide variety of super-premium ice cream and Non-Dairy/vegan desserts using high-quality ingredients and lots of big chunks and swirls. As a Certified B Corp, Ben & Jerry's incorporates its vision of Linked Prosperity into its business practices via values-led sourcing initiatives when purchasing ingredients. Ben & Jerry's is distributed in over 35 countries in supermarkets, grocery stores, convenience stores, franchised Scoop Shops, and via on-demand delivery services. Ben & Jerry's, a Vermont corporation and wholly owned subsidiary of The Magnum Ice Cream Company, operates its business on a three-part Mission Statement emphasizing product quality, a fair financial return, and addressing issues of social, racial, and environmental injustice around the globe. The Ben & Jerry's Foundation, guided by Ben & Jerry's employees, granted $4.5m in 2024 to progressive, justice-focused grassroots organizations around the country. For up-to-date information visit benjerry.com.

Media contact
Ben & Jerry's: Kerry Thorpe, Kerry.Thorpe@benjerry.com

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SOURCE Ben & Jerry's